IDEX 2021: SAMI seals MRO JV with Lockheed Martin
Lockheed Martin and Saudi Arabian Military Industries (SAMI) have agreed to set up a new production and MRO JV in Saudi Arabia.
SAMI will hold a 51% stake in the JV that will produce, maintain and repair helicopters, fixed-wing aircraft and missile defence systems.
The agreement was signed during the IDEX 2021 exhibition in Abu Dhabi on 21-25 February, by SAMI CEO Walid Abukhaled and Tim Cahill, Lockheed Martin senior VP.
Abukhaled described the JV as aligning with the objectives of the Saudi Vision 2030 industrial development programme.
He added: ‘The agreement to establish a new Joint Venture represents a major step forward to realising our ambitious goals... It also supports PIF’s [Saudi Public Investment Fund] efforts through SAMI in localising cutting-edge technology and knowledge, as well as building strategic economic partnerships.’